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LLotus

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Everything posted by LLotus

  1. There’s no leasehold when it’s a joint freehold btw...
  2. Share of a freehold is generally good, much better than leasehold.. it just means all the property owners on that plot of land have a say in every thing that’s going on... so you are a the mercy of your neighbours as such I think,,, not ideal but much better than a distant company dishing out service charges Willy nilly... Just get great at interpersonal skills and you’ll have influence to your benefit ... probably....
  3. Hi I’ve just bought my first property with tenants in situ..June this year...it is a risk factor,, (risk of they aren’t actually keeping up rent and it’s in arrears), but tenants in situ can also be a great factor I think, (they’re paying religiously), instant rental return, but how do you really find that out before buying ???... .I do have 2 other properties, but I lived in them over years, scaled up, moved myself to better properties, rented them out and so I know those properties well. My letting agent chose and referenced both older properties to let out and no problems so far. Back to TIS.... Early June 2020 was My first time buying with tenants in situ, it’s not that straightforward, as sellers can lie about whether the rent is up to date etc... I’d say it’s a bit of a risk, especially if it the property seems cheap... its what you can either call a “complication” especially if you can’t get proof of rent being up to date, I was literally told it was up to date through the sellers enquiry form... or a “asset”, tenants ok paying etc ., I’m fresh to this and luckily my tenant is paying from purchase and is still ongoing to this month... but I now realise my tenant in situ is paying well below market rent, as the dwelling needs loads of work (previous landlord neglected property somewhat), so I’m now in process of improving the property around the tenant and then hoping to increase rent accordingly as I slowly improve the property whilst she’s still there paying rent,.. I’m going to go in small increments so it’s not a total shock and I deffo can’t deal with bothering with any eviction right now ! Hope that helps !
  4. I assume your still living at home ? Get a second job is the fastest way to boost income. At the age of 27 I was lucky enough that my dad borrowed £20k on my behalf for a deposit on a £58k house as I was only earning £14k a year. This is all back in the year 2000.... now I was used to a certain standard of living at that age, I was lucky with the privilege of living at home being fed etc for very little contribution a month. But the minute I bought this first house it occurred to me that I immediately needed a lodger, all cool as it was a 2 bed.. no drama... but to keep up what I was used to ie : running a decent car, going out partying each weekend, clothes etc etc I realised I was going to have to either cut back drastically or do something to keep me where I was... therefore I had a full time office admin job 9-5pm, but I took an evening job 6pm - 10pm. Wow what a difference that made... I kept on working every hour god sent me for several years. I even took a weekend job as well at one point, it stopped me spending money with my time filled up with work, work, work! Lol! A second job might seem boring and all work no play but it pays off massively if you have the energy and drive like I did. I’m 48 years old now with 3 properties let out totally around £2500 a month income and my own £500k residential almost paid off, less than £40k to overpay. I’ve never been in any high paying job, but my early hard graft sorted my early struggle as i ploughed spare time into turning it into money ...oh btw that £58k house is now worth £175k
  5. Hi my solicitor I’m sure can help you, his names David Lee RMLegal in Southampton, ask to speak to David lee and say Lisa Grafton recommended him, he will look after you, it’s a small firm, but very good and thorough in my experience https://rm-legal.co.uk
  6. I’m not sure what the uplift is as once I’d handed both properties over to the agent, they set the rent, one tenant is on part benefits as well, but the part benefits tenant has been great in that they never complain, they’ve been in about 5 years now with cats, the other property has never gone empty either, ... slight frustration as I wanted to correct some bits after last tenant left, but I didn’t have time as new tenants were so keen they took my small bungalow for a years tenancy without even viewing it in person.. with dogs... plus another tip the agent said the were “key workers” and therefore more than likely to stay employed I guess, so at end of the day what’s the worst animals can do?
  7. I’d personally get friendly with the freeholder if he is the brother, it’s always better when you have some insider info about what’s going on and it helps you to understand. the occupant sounds as if he has mental health issues. Has your tenant complained to you about it ? It would be for your tenant to complain about noise abatement etc If it was that bad as there’s not a lot you can monitor when you don’t live there yourself.
  8. Use a letting agent, I’m actually in your area of the Uk and have used Your Move for a about 5 years now and I can’t fault them. I do also allow pets in my two properties, so a little more rent comes in and they usually stay longer as well. I’ve found a letting agent takes away the worry for me as I made mistakes going on my own gut instinct in the past.
  9. You have a few months left yet ! I’ve often bought properties in December when everyone else is concentrating upon Christmas, although in saying that of course Christmas looks cancelled right this moment! I always thought winter was a slightly better time to buy ?
  10. Hello everyone, so I’ve recently bought my first mixed use property, a shop with a flat above it with separate tenants in situ. Previous elderly landlord has moved to USA, leaving behind unpaid water bills to the tune of around £2500 for water and £1200 for waste water... Tenants tell me they were being charged 90/10 split by the landlord in favour of the shop which I believe is quite common when there is not a split separately metered water supply. Now I’ve been having neighbours and the shop tenant report various “stories” and minor problems about the tenant and her teenage son who are living in the flat. I met the woman on Friday this week for the first time and in the nicest possible way she is very “down to earth” claiming “some” universal credit but also working part time it seems. The unpaid water Supply of £2500 was being chased by a solicitor, so I contacted the solicitor and informed them that I am the new owner as of 29th June and that previous landlords emigrated as per estate agent comments. On Friday the shop tenant hands me the waste water bill for £1200 from Business Stream. Now I’m naturally a bit worried about putting all the water in my own name. Am I allowed to give the flat tenants name to the water companies ? so then she can get back to paying the majority of the water and then for her to claim the 10% from the shop tenant ? One of my own landlords who I rent a shop from, told me to just buy my own water meter and branch off the supply within the limits of my New property, but this then also will entail me putting all the water bills into my own name. What to do ?
  11. Hi, I can’t make the St Albans meet up tonight andWondered if anyone wanted my ticket for free, not sure if that’s allowed, but I’m sure someone will soon say so if that’s the case.
  12. Hi Conrad, thanks so much for responding, they accepted the offer, but I started wobbling on it A couple of days later, as it was literally the 3rd flat I’d ever looked at. Then the estate agent seemed to be putting pressure on me over the phone and was verging on being rude in all honesty, so it made me suspicious, I told him I wasn’t 100% sure now as the estate agents had also suggested I view the property rather than myself having found it online nautrally...
  13. Hi everyone, The estate agent has told me this flat has been rented out by the same tenant for the last 12 years, but is now for sale with no chain. In 2007 the current owner paid £120k for it, at the last peak !! Woolston is possibly up and coming and very close to city centre. I offered £125k over the weekend, (still waiting to hear) and rent should be in region of £600-650. It virtually needs nothing doing to it, so I could rent straight out hopefully. It’s difficult to work out if the price is about right for it as the block is a mix of 1 and 2 beds, some with views and obviously some without views. Do views add that much onto a property ? I’m a little worried I might be overpaying, am I missing something crucial here ?? No. 23 - please see screenshots from Zoopla below thanks
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